Nationwide Mortgages

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Last updated on 17 February 2022.

Nationwide is a UK-based building society that provides a range of financial products, including mortgages, catering to a variety of customers.

Read on to find out more about the types of Nationwide mortgages you can find, and to answer some of the most frequently asked questions surrounding them if you’re considering applying.

Nationwide Mortgage Rates

Nationwide mortgage rates can vary depending on the type of mortgage you apply for, plus a range of other factors.

The loan-to-value (LTV) you’re borrowing at can be one such factor, but mortgage rates can also be determined by the type of product you select. Nationwide offers two main rates:

  • Fixed-rate. With a fixed-rate mortgage, your monthly payments will stay the same for the duration of your fixed-term.
  • Tracker mortgage. Your monthly payments may change with a tracker mortgage. The rate follows the Bank of England base rate, plus a set percentage.

Your individual financial circumstances, including your credit score, will also inform the mortgage rate Nationwide might charge you.

Nationwide Mortgage Products

Nationwide provides mortgages that cater to a variety of consumer needs. This can include helping get people on the housing ladder or to move home. Listed below are just some common mortgage products Nationwide provides:

  • first-time buyer
  • home mover
  • buy to let
  • remortgage

Nationwide mortgages often come with specific features that can vary depending on your preferences and requirements.

Nationwide Mortgage Application Process

You can apply for a mortgage with Nationwide online, over the phone or at your local branch.

Typically, applying for a Nationwide mortgage will follow a number of steps:

  • Get an Agreement in Principle. By providing information to Nationwide, you can get an idea of the loan you might be eligible for.
  • Find a property. With an idea of your budget and the sort of rate you might be eligible for, you can find a property to suit your situation.
  • Apply in full. Once you have a property in mind, you can apply for your mortgage in full.
  • Loan process. The conveyancing process can take several weeks and will be the final stage before you complete your home purchase.

You will need proof of ID, as well as tax bills and bank statements, to help your provider build a good picture of you and your finances.

Nationwide Mortgage Service

For general mortgage queries, Nationwide customer services are available for phone calls on 03457 30 20 11 between 8am and 6pm on Mondays to Fridays, or 8.30am to 4pm on Saturdays. Please note the phone line is closed on Sundays and Bank Holidays.

Alternatively, you can use online chats through the Nationwide website between 8am and 7.45pm, seven days a week. All you have to do is press the ‘Chat with Us’ button at the bottom of each page during operating hours.

Nationwide Mortgage FAQs

Who is Nationwide?

Nationwide is a building society, which means it is owned by its members – this includes people who save, bank or borrow through Nationwide. Originally called the Co-operative Permanent Building Society, which opened in 1884, it merged with around 250 other building societies and changed its name to Nationwide in 1970.

As well as other loans, savings, insurance and investment products, Nationwide offers a range of mortgage products for borrowers from all different walks of life. The mortgage section of its website also includes useful mortgage guides and a mortgage calculator, to help you work out how much you can afford to borrow.

What is a Nationwide mortgage?

Nationwide mortgages offer borrowers a long-term loan to enable people to purchase a property. This might be for residential purposes with a residential mortgage or to rent out with a buy-to-let mortgage. It is typically paid back over a number of years through instalments. Repayments are expected on a monthly basis, with interest added on top.

What is a part-and-part mortgage?

Providers such as Nationwide offer part-and-part mortgages, a hybrid of a capital repayment and an interest-only mortgage. Part of your mortgage would be paid off as capital repayment at the end of the mortgage term, while you would need to have a repayment plan in place to pay off the interest-only balance when the mortgage term ends.

Can I pay back a Nationwide mortgage early?

Nationwide permits borrowers to make early repayments, otherwise referred to as overpayments, but it’s important to always factor a possible early repayment charge (ERC) into your payment plan after having checked the terms and conditions. An ERC means your provider will be charging you a for paying back sooner.

However, an ERC is not applicable if you are using a Standard Mortgage Rate (SMR), Base Mortgage Rate (BMR) or some forms of tracker mortgage products, among some other factors.

Other scenarios in which an ERC might not be charged include using Nationwide’s switch and fix on an existing mortgage, whereby you switch to a new fixed-rate product.

Before overpaying, it is important to check your mortgage documents to make sure you understand any potential charges.

Does my credit score matter when applying for a mortgage?

Yes, you will want to have your credit score as high as you can get it. Higher credit scores denote creditworthiness, which enables you to unlock a greater variety of mortgage products, complete with interest rates better suited to your requirements. Low scores will limit your mortgage options because of the perceived higher risk you present to the lender.

How do I know if a Nationwide mortgage is right for me?

If you wish to know whether a specific Nationwide mortgage deal is suitable for you or if you might be better off finding a cheaper mortgage with a more affordable rate of interest, NerdWallet’s mortgage comparison tool can help you find the best product to suit your needs.

What eligibility criteria do I have to meet for a Nationwide mortgage?

Eligibility criteria will vary depending on the type of mortgage products you have in mind. For example, for a Nationwide UK residential mortgage, eligibility criteria will include, but are not limited to, the following:

  • You must be between 18 and 79 years old.
  • You must live in the UK with an address history going back three years.
  • You must be able to provide written confirmation of your salary, bonuses and other income as well as details of your outgoings, such as credit commitments, travel costs and payments for dependants.
  • You are not currently being declared bankrupt, have any county court judgments or individual voluntary arrangements.
  • You are a member of Nationwide – for example, have a current account or savings account with Nationwide.

Mortgage products must be used for the purposes they were intended for; for example, you cannot usually rent a property bought with a residential mortgage.

In some cases, eligibility criteria can mean you might not be accepted for a mortgage if you are self-employed. As another example, if you wish to seek a first-time buyer mortgage, you cannot use it for capital-raising on a mortgage-free house, as that would require a remortgage instead.

First-time buyers will find themselves ineligible for interest-only options on Nationwide mortgages as well.

For full eligibility criteria for a specific mortgage product, visit Nationwide’s website.

If you would like a little help finding the most suitable deal, you can compare mortgage providers and suitable deals with NerdWallet’s mortgage comparison tool.

Does Nationwide have a mortgage app?

Yes. Available for download on smartphones through the App Store and Google Play, users can find the official Nationwide app, which allows existing customers to keep an eye on their mortgages digitally. Please note that, if you don’t already bank online, you will need to register through the Nationwide website or by downloading the app.

Once on the app, you can do the following:

  • View statements and monthly payments.
  • Make overpayments digitally.
  • Check how much you owe and the redemption rate.
  • Check interest added and your interest rate history.
  • Change your mortgage term or repayment type.

Does Nationwide have mortgage holidays?

Yes. Standard mortgage holidays are intended to help reduce mortgage payments, with Nationwide allowing this for a maximum of between one to 12 months.

Please note that mortgage holidays only apply to some mortgage products, so make sure that you check your mortgage offer to see if this is included. Monthly payments are recalculated at the end of the mortgage holiday, and interest is added throughout the period, despite reduced payments or payments being put on hold entirely.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE